New Delhi, May 4 : More than $100 million worth of cryptocurrency was lost in the month of April this year due to crypto-related exploits, hacks, and scams, a report has shown. According to the blockchain and smart contract security company CertiK, the total funds hackers managed to drain in April from crypto projects was $103.7 million, bringing the total year-to-date loss to $429.7 million. Microsoft AI Update: Tech Giant To Launch Fresh AI-Powered Features to Bing, Edge.

Several significant crypto exploits occurred in April, resulting in significant losses in the industry. For instance, there was a $25.4 million loss due to an exploit of multiple MEV trading bots. Hiring in Indian Startups for Senior Roles With Over Rs 50 Lakh Per Annum CTC Sinks by 80%.

In addition, Bitrue Exchange was the victim of a hot wallet exploit in which $22 million was stolen, plus, the South Korean GDAC exchange was hacked, resulting in a $13 million loss, according to the report.

The total amount of money lost to crypto and DeFi (decentralised finance) exploits in April was $74.5 million. This accounts for nearly half of the total $145 million lost to such exploits in the first four months of the year, said the report.

Moreover, the report stated that total funds lost to exit scams reached $9.4 million in the month, with Merlin DEX losing $2.7 million, and around $20 million lost to flash loan attacks, led primarily by Yearn Finance after a hacker exploited an old smart contract in April.

In April, Seychelles-based cryptocurrency exchange KuCoin said that its Twitter account was hacked, allowing threat actors to promote a fraudulent giveaway scam, which resulted in the theft of more than $22.6K worth of cryptocurrency.

Although the account was hacked for a brief 45-minute period, the crypto exchange has reported that during that time, 22 Bitcoin and Ethereum transactions were sent by its followers. This unfortunately gave the hackers enough time to steal a total of $22,628.

(The above story first appeared on LatestLY on May 04, 2023 06:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website